White Clarke Group Digitalisation Blog

The annual Global Leasing Report, which is produced in association with the World Leasing Yearbook is the definitive guide to the world’s top 50 leasing markets. Continuing its 30-year history of tracking global leasing industry statistics the report is the leading analysis of country trading environments and trends in auto and equipment finance. Brendan Gleeson, Group CEO at White Clarke Group, author of the report summarizes the tenor of the latest edition. The report reveals a confident industry outlook, with the top 50 countries in 2016 reporting growth in new business volume of 9.40% rising from US$ 1,005.30bn in 2015 to US$ 1,099.77bn in 2016. The leasing industry has experienced significant growth and has introduced new and innovative ways to finance equipment for companies worldwide.

The annual Global Leasing Report, which is produced in association with the World Leasing Yearbook is the definitive guide to the world’s top 50 leasing markets. Continuing its 30-year history of tracking global leasing industry statistics the report is the leading analysis of country trading environments and trends in auto and equipment finance. Brendan Gleeson, Group CEO at White Clarke Group, author of the report summarizes the tenor of the latest edition. The report reveals a confident industry outlook, with the top 50 countries in 2016 reporting growth in new business volume of 9.40% rising from US$ 1,005.30bn in 2015 to US$ 1,099.77bn in 2016. The leasing industry has experienced significant growth and has introduced new and innovative ways to finance equipment for companies worldwide.

A McKinsey AI report from January 2018 reveals an industry-wide AI-enabled value opportunity, which by 2025 is expected to generate an estimated US$215bn. However, how much of that potential can be captured by automotive finance companies? Connected cars are now poised to become the next digital wallet, allowing different institutions to connect with their customers to pay for goods and services all directly from the dashboard. This will provide Auto Finance lenders the potential to radically alter their relationship with their customers.

A McKinsey AI report from January 2018 reveals an industry-wide AI-enabled value opportunity, which by 2025 is expected to generate an estimated US$215bn. However, how much of that potential can be captured by automotive finance companies? Connected cars are now poised to become the next digital wallet, allowing different institutions to connect with their customers to pay for goods and services all directly from the dashboard. This will provide Auto Finance lenders the potential to radically alter their relationship with their customers.

More than 30 auto and equipment finance industry leaders from across the globe have revealed the influences and trends that will make 2018 a transformational year for the sector. A major new report, released by White Clarke Group, explores the most important global issues facing the industry. White Clarke Group’s Global Auto and Equipment Finance Report 2018 reveals that industry executives rank digitalization as one of the most important issues on their agenda for this year.

More than 30 auto and equipment finance industry leaders from across the globe have revealed the influences and trends that will make 2018 a transformational year for the sector. A major new report, released by White Clarke Group, explores the most important global issues facing the industry. White Clarke Group’s Global Auto and Equipment Finance Report 2018 reveals that industry executives rank digitalization as one of the most important issues on their agenda for this year.

What is the evolution of car dealerships? The owners of car lots may argue their place is essential in the supply chain, but they have actually been proving the online model for years, as much of their wholesale stock is now sourced via online channels, either direct through supplier portals or through online auctions. The logical next step is for consumers to follow in their online footsteps and embrace digital purchasing and finance channels, a process which is being pioneered by digital car retailer Rockar. Rockar founder Simon Dixon outlines his vision for the future in this video, provided courtesy of White Clarke Group.

What is the evolution of car dealerships? The owners of car lots may argue their place is essential in the supply chain, but they have actually been proving the online model for years, as much of their wholesale stock is now sourced via online channels, either direct through supplier portals or through online auctions. The logical next step is for consumers to follow in their online footsteps and embrace digital purchasing and finance channels, a process which is being pioneered by digital car retailer Rockar. Rockar founder Simon Dixon outlines his vision for the future in this video, provided courtesy of White Clarke Group.

Auto finance companies need to develop a much deeper understanding of their customers if they are to successfully launch new services that meet changing demands. Although processes such as ‘Know Your Customer’ provide valuable insight to avoid fraud and ensure affordability of loans, they don’t go far enough in understanding the nuances that indicate changing customer expectations when it comes to the finance products they use. Without this insight, established finance providers face losing market share to disruptive competitors that are focused on getting closer to customers and offering innovative products that are more flexible and personalised. Graeme Banister, an independent specialist in mobility issues, recently told finance executives: “As car finance companies, you know about ‘KYC – Know Your Customer’. I challenge all car finance companies, because you don’t actually know a lot about your customers.”

Auto finance companies need to develop a much deeper understanding of their customers if they are to successfully launch new services that meet changing demands. Although processes such as ‘Know Your Customer’ provide valuable insight to avoid fraud and ensure affordability of loans, they don’t go far enough in understanding the nuances that indicate changing customer expectations when it comes to the finance products they use. Without this insight, established finance providers face losing market share to disruptive competitors that are focused on getting closer to customers and offering innovative products that are more flexible and personalised. Graeme Banister, an independent specialist in mobility issues, recently told finance executives: “As car finance companies, you know about ‘KYC – Know Your Customer’. I challenge all car finance companies, because you don’t actually know a lot about your customers.”

Leaders and influencers in Europe’s auto and equipment finance industry have identified the key obstacles facing the market in 2018. As the European Auto and Equipment finance market is enjoying a third year of robust recovery and as it prepares for 2018, White Clarke Group, the world leading provider of end-to-end finance software, has gathered the views of nearly 30 industry leaders to pinpoint the major areas of focus for the sector in the coming year.

Leaders and influencers in Europe’s auto and equipment finance industry have identified the key obstacles facing the market in 2018. As the European Auto and Equipment finance market is enjoying a third year of robust recovery and as it prepares for 2018, White Clarke Group, the world leading provider of end-to-end finance software, has gathered the views of nearly 30 industry leaders to pinpoint the major areas of focus for the sector in the coming year.

Predictions that online car sales will drive dealers out of business are wrong, as they have an essential role to play in a digital world. You might assume this viewpoint belongs to a dealer, but it actually comes from an online car sales company, Carwow. Rob Abrahams, head of new market development, admits this statement might surprise some people, but he believes online sales and physical dealerships work well together. He said: “We firmly believe the dealership will still be a part of the purchase journey in 10 years’ time.

Predictions that online car sales will drive dealers out of business are wrong, as they have an essential role to play in a digital world. You might assume this viewpoint belongs to a dealer, but it actually comes from an online car sales company, Carwow. Rob Abrahams, head of new market development, admits this statement might surprise some people, but he believes online sales and physical dealerships work well together. He said: “We firmly believe the dealership will still be a part of the purchase journey in 10 years’ time.

Streaming services like Spotify and Netflix are now part of our everyday lives and are part of a wave of online products that are teaching consumers they can expect to get exactly what they want, the second they request it, and all through services provided at the touch of a button. These digital services are having a dramatic impact on customer service expectations in all industry sectors, as well undermining traditional customer loyalties with customers now, more than ever, prepared to change services to get what they want. According to Christer Holloman, CEO and co-founder of Divido, auto finance companies will have to respond quickly to the changing expectations of digital consumers when it comes to their funding requirements. He told delegates at the International Auto Finance Network Conference in London: “These companies are teaching customers to not hang around; they can get what they want.” You can watch key points from his presentation in a video provided courtesy of White Clarke Group.

Streaming services like Spotify and Netflix are now part of our everyday lives and are part of a wave of online products that are teaching consumers they can expect to get exactly what they want, the second they request it, and all through services provided at the touch of a button. These digital services are having a dramatic impact on customer service expectations in all industry sectors, as well undermining traditional customer loyalties with customers now, more than ever, prepared to change services to get what they want. According to Christer Holloman, CEO and co-founder of Divido, auto finance companies will have to respond quickly to the changing expectations of digital consumers when it comes to their funding requirements. He told delegates at the International Auto Finance Network Conference in London: “These companies are teaching customers to not hang around; they can get what they want.” You can watch key points from his presentation in a video provided courtesy of White Clarke Group.

Finance companies need to create a culture of innovation to identify the employees who will develop the next generation of services for their businesses. This requires an understanding of how employee behaviour affects decision-making and business processes that allow the most suitable executives to thrive, according to Andy Follows, managing director of consultancy Aquilae. He warns that “uncorrected behavioural preferences” waste resources and can lead to a risk-averse culture where the dangers of keeping the status quo are not recognised. He told delegates at the International Auto Finance Network Conference in London: “Innovation is an outcome when we behave in a certain way, when we change things, and when we use appropriate levels of resources, and those are not default behaviours for many of us.” You can watch key points from his presentation in a video provided courtesy of White Clarke Group.

Finance companies need to create a culture of innovation to identify the employees who will develop the next generation of services for their businesses. This requires an understanding of how employee behaviour affects decision-making and business processes that allow the most suitable executives to thrive, according to Andy Follows, managing director of consultancy Aquilae. He warns that “uncorrected behavioural preferences” waste resources and can lead to a risk-averse culture where the dangers of keeping the status quo are not recognised. He told delegates at the International Auto Finance Network Conference in London: “Innovation is an outcome when we behave in a certain way, when we change things, and when we use appropriate levels of resources, and those are not default behaviours for many of us.” You can watch key points from his presentation in a video provided courtesy of White Clarke Group.

The auto finance industry must focus on generating positive messages as it endures a flurry of negative publicity and the growing attention of regulators. That was the message from industry leaders who recently reviewed the potential impact of an official review of the industry in the UK.Julian Rose, director of consultancy, Asset Finance Policy, explained that concerns were focused on the fact that UK household indebtedness remains high by historical standards. Regulators also want to know whether there is any sign of weaker underwriting standards that would cause a risk to lenders.Industry experts responded during a panel debate at the International Auto Finance Conference, in London. You can watch key points from their responses below in a video provided courtesy of White Clarke Group.

The auto finance industry must focus on generating positive messages as it endures a flurry of negative publicity and the growing attention of regulators. That was the message from industry leaders who recently reviewed the potential impact of an official review of the industry in the UK.Julian Rose, director of consultancy, Asset Finance Policy, explained that concerns were focused on the fact that UK household indebtedness remains high by historical standards. Regulators also want to know whether there is any sign of weaker underwriting standards that would cause a risk to lenders.Industry experts responded during a panel debate at the International Auto Finance Conference, in London. You can watch key points from their responses below in a video provided courtesy of White Clarke Group.